The invention concerns a package padding and an apparatus for forming same. The package padding is continuous and web-like and formed of superimposed paper courses (1,2,3). On the substantial surface area of one paper course (2) has with a pair of shaping rolls (16,17) been embossed a cellular padding structure. The package padding comprises a punch joint region (5) formed with the aid of a pair of punch joint rolls (18,19), and an intact area (7) substantially free of punchings, the package padding being more bulky and fluffy in the region thereof than in the punch joint region (5). In the embossed paper course (2) have by means of the speed differential of the punching rolls (18,19) and the shaping rolls (16,17) been folded pleats (8) so that the package padding contains per unit length of the package padding a greater length of paper material of the second paper course (2) than of paper material of the first paper course (1).